The ADP report on Employment Change is expected to print 160K in June. The Federal Reserve may continue delaying interest rate cuts on strong employment reports. The US Dollar is technically bullish and may reach 106.45 with an upbeat report. On Wednesday, the United States Automatic Data Processing Research Institute will release its monthly report on private sector job creation for June.
Furthermore, the USD Index trades above all its moving averages, with the 20 Simple Moving Average gaining upward traction above the longer ones. The next relevant level to watch is 106.49, the high posted on May 1 in the Fed’s monetary policy decision aftermath. The bullish case will be supported by a better-than-anticipated report.” Bednarik adds: “Should the ADP figure disappoint, the USD Index may enter a corrective decline, as a sustained decline remains out of the picture for now.